Positivity of Gold Still Limited

Gold prices rebounded to the upside, taking advantage of building a base on the strong support floor located at 1714, to retest the 1740 resistance level.

On the technical side, and by looking at the chart, despite the bullish tendency, we still tend to be negative, relying on the negative features that began to appear on the stochastic indicator to start losing the bullish momentum, in addition to the stability of trading below the pivotal resistance published during the previous analysis which represents the key to protect the downside move at price 1745/1746.

Consequently, the bearish scenario will remain valid and effective, noting that the return of trading again below 1714 will facilitate the task required to visit the first official target of 1695.

From the top, the stability of trading above 1746 will immediately stop attempts to decline and gold recover with an initial target of 1758.

S1: 1714.00	R1: 1746.00
S2: 1695.00	R2: 1758.00
S3: 1682.00	R3: 1778.00